A paint store sells 270 pails of paint per month at a price of $32 each. A customer survey indicates that for each $1.20 decrease in price, sales will increase by 6 pails of paint. a) Determine the demand, or price, function. b) Determine the revenue function. c) Determine the marginal revenue function
A paint store sells 270 pails of paint per month at a price of $32 each. A customer survey indicates that for each $1.20 decrease in price, sales will increase by 6 pails of paint. a) Determine the demand, or price, function. b) Determine the revenue function. c) Determine the marginal revenue function
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.4: Functions Given By Words
Problem 13E
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A paint store sells 270 pails of paint per month at a price of $32 each. A customer survey
indicates that for each $1.20 decrease in price, sales will increase by 6 pails of paint.
a) Determine the demand, or price, function.
b) Determine the revenue function.
c) Determine the marginal revenue function
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